Bioplastic Packaging Market Size| COVID-19 Analysis

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Bioplastics are made using biodegradable feedstock to reduce the produced induced due to the use of conventional plastics. Hazardous effects, coupled with the awareness towards the environment and climate change have led to a rapid reduction in the demand for conventional plastics. Furthermore, high dependency of the same on fossil-fuels for raw materials has contributed to the high rate of a shift towards the adoption of bioplastics.

Segmentation

The global Bioplastic Packaging Market Size is studied for different segments on the basis of type, application, and region. Based on type, the global market is segmented into Bio-PET, PLA, PBS, and Bio-PP. Bio-PET segment is currently dominating the global Bioplastic Packaging Market Size. This can be attributed to the extensive use of the same in the bottling and packaging industries. Bio-PET is a perfect substitute for conventional PET as it possesses the same properties and is widely used in the manufacturing of several packaging products. Such products include food containers, bottles, carry-away cups, and bags. Ascension in the demand for eco-friendly bottles and containers is likely to lead a fast-paced growth in the market over the forecast period. The PLA segment is expected to expand at the highest CAGR owing to advancements due to the integration of nanotechnology-based packaging to ensure the safety of the product.

Regional Analysis

South America is expected to witness fastest growth rate during the forecast period. This can be attributed to the abundant availability of raw materiasl such as oilseeds and sugarcane in Brazil. Many bioplastic manufacturers are expected to open facilities in this region.

Asia Pacific is expected to be a potential growth pocket for Bioplastic Packaging Market Size due to a haihg demand for packaged and wrapped products and changing lifestyle in the region. A rise in the purchasing power has led to an increased demand for bioplastic packaging in countries such as India and China.

Key Players

Some of the profiled noteworthy players in the global Bioplastic Packaging Market Size include BASF SE, Dow Chemical Company, Koninklijke DSM N.V., Eastman Chemical Company, IFS